Page 13 - NY Cooperator September 2020

COOPERATOR.COM THE COOPERATOR — SEPTEMBER 2020 13 Cesarano & Khan, PC Certified Public Accountants PROVIDING PROFESSIONAL SERVICES TO THE COOPERATIVE AND CONDOMINIUM COMMUNITY Reporting on Financial Statements • Tax Services Budgeting & Consulting • Election Tabulation Services For additional information, contact Carl M. Cesarano, CPA 199 JERICHO TURNPIKE, SUITE 400 • FLORAL PARK, NY 11001 (516) 437-8200 and 718-478-7400 • info@ck-cpas.com cesarano &khan1_8 use this_:cesarano &khan 4 7/22/15 4:59 PM Page 1 to be fiscally responsible to their sharehold- ers and residents, they elected to minimize costs instead of pursuing it.” She adds that in recent years, green design seems to have become less of a serious consideration over- all, and that it’s not something she perceives a lot of interest in from her clients. That said, a representative of the Na- tional Association of Women in Roofing (NAWR) mentions that there has been a big increase in New York City residential buildings looking to create accessible roofs for tenants. The coronavirus crisis has obvi- ously ignited this to some degree in 2020, but the interest has also been prompted by environmental concerns and government incentives to improve roofs for sustainabil- ity. There are several factors at play here: First, two new local laws—Local Laws 92 and 94—require that the roofs of certain buildings be partially covered in green roof or solar photovoltaic electricity generating systems. By doing so, buildings can receive a tax benefit. The NAWR rep says she’s find- ing that NYC buildings are increasingly re- financing their underlying building mort- gages to do this. A second factor is that the environmen- tal impacts of roofs are huge—and many co-op corporations and condo associations are rethinking their focus on roofs as pres- sure is increasing to maintain the best envi- ronmental standards. Proper design has be- come a much greater priority as well. Roof insulation is mandated by the New York City energy code, which requires certain buildings to adhere to specific standards; they can use bituminous materials, PBC membranes, rubberized membranes, etc., depending on their roof structure. Looking Forward For new developments, proactive design planning and construction are important to anticipate—and hopefully mitigate—the potential impacts of the inevitable severe weather events. Co-op and condo boards should also look at the site where their building is located, and create a landscap- ing plan that promotes healthy vegetation, soil, and drainage ecosystems, which are meaningful for any residence in a flood zone. Consistent and regular upkeep of maintenance is another critical component of resilience. The fact is, our world is changing—and a dynamic real estate industry is respond- ing to that change. “Resilience planning is about adaptation and mitigation in the era of climate change,” says Tarafdar. “Resi- dents want to know that repairs and im- provements are making their homes safer and contribute to environmental restora- tion and repair. The idea of a building be- ing a vehicle for healing is where the future of green building is heading. At USGBC, we call this vision LEED Positive, and it’s guiding the future development of LEED. A building that is safe and functional in a changing climate will be more valuable.” n A J Sidransky is a staff writer/reporter for The Cooperator, and is a published novelist. and informed. We approached this peri- od as a time to focus on how we could re- turn to the office in a position of strength and provide our agents with the resourc- es to do so. Some of our efforts included increasing internal trainings, database clean-up, re-targeting and connecting with clients, securing PPE for our office, establishing safety protocols, and host- ing weekly virtual meetings to discuss shutdown issues affecting our company and agents. We also established a recur- ring series of consumer-facing webinars to help consumers navigate this unprec- edented environment.” The next steps, says Antin, are for- ward looking, with a focus on adapting to a changed landscape. “In conjunction with the greater brokerage community in New York City, we have put together new protocols to ensure real estate trans- actions can be conducted safely and ef- ficiently,” he says. “In addition to staying home if sick or exposed to others who are sick, key points include leveraging virtual tours wherever possible, following social distancing recommendations, wearing proper face coverings, and practicing good hygiene when in-person interac- tions are required. Specifically, attendees at appointments will be limited to only necessary participants. We will conduct multiple showings if needed to accom- modate all decision makers. Additional- ly, showings will be by appointment only, with strict adherence to start and end times, in order to provide ample time to clean and disinfect the apartment before and after each showing.” Safety First Eric Benaim, CEO of Modern Spaces, a brokerage firm based in Long Island City, adds, “I’m part of the REBNY com- mittee putting together guidelines for new procedures. These guidelines serve to protect the safety of not just brokers, but also homeowners and clients. Our firm is doing everything possible to prepare for NYC’s reopening.” When it comes to their workplace and staff safety, he says, “We’ve already begun doing mul- tiple cleanings throughout each of our offices and have stocked up on PPE and cleaning supplies. We also conducted an agent survey to determine how comfort- able our people feel about coming back to the office. We are separating worksta- tions where possible, and in certain of- fices we will be implementing a schedule for agents to ensure their safety.” Deborah Miller, a broker with Hal- stead based in their Harlem office, re- ports similar efforts to work within cur- rent circumstances, but at the same time to keep pushing transactions forward. “Our common goal is to minimize the spread of the virus by limiting in-person encounters. We are upgrading our online presence with additional videos, Zoom and FaceTime walkthroughs, and virtual open houses. We are talking in real time to buyers, sellers, colleagues, and pros- pects much more, sending fewer emails in favor of more live, person-to per- son conversations on phones and other electronic devices. As a requirement for physical access, some boards and manag- ing agents are requiring that we prescreen visitors by requesting proof of funds and/ or a pre-approval dated post June 1, 2020, as a prerequisite for scheduling in-person access.” “Buildings are developing their own visitor, showing, elevator, and amenity- use policies, accordingly,” adds Antin. “It’s too early to tell exactly how consis- tent each building policy will be. Agents will need to stay on top of an ever-chang- ing array of policies that are bound to differ from building to building based on the size, composition, and amenities of each.” The months ahead will be by no means easy ones for the condo and co-op markets in New York. Already stricken by tax law changes and changes to the treat- ment of existing housing stock under- going conversion, the market was not at its most stable. As Axelrod says, “While brokers see a light at the end of the tun- nel, the health of the market may also de- pend on revisiting some of the changes that shook its foundation before the re- cent crisis.” One thing is for sure: a return to transactional business is coming, but it will look and feel very different than before the COVID-19 crisis. Neverthe- less, New York’s brokerage community is ready. n A J Sidransky is a staff writer/reporter for The Cooperator, and a published novel- ist. BUYING, SELLING... continued from page 9 • Monthly mortgage payment: $893 • Median yearly earnings for millennials working full-time: $40,000 • Cost of living (compared to national average): N/A For more information, a detailed meth- odology, and complete results for all metros, find the original report on Porch’s website: https://porch.com/advice/millennials-buy- ing-homes/ n NY: 5TH-LOWEST... continued from page 6